Age: Minimum of 23 when applying for loan and maximum of 58 at loan maturity

Income: Be earning a net income of at least Rs. 17,500/- per month (Rs.25,000 for applicants residing in Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata)

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ICICI Bank Personal Loan

ICICI Bank Personal loan comes with the flexibility of end use, it can be borrowed to meet expenses of either a dream family vacation, a medical emergency, higher education of your daughter, house renovation or any others. ICICI Bank personal loan is an answer and solution to many uncertain and emergency need of funds for families. It comes without any security, it’s easy to apply with simple documentations and quick disbursement process. ICICI Bank offers personal loans to salaried professional, self-employed professionals like doctors, chartered accountants, management consultants and self-employed business owners for a tenure of up to 60 months and loan amount up to 40.00Lakhs. ICICI Bank offers personal loan facility without any collateral security or guarantor and only on the basis of a borrower’s income eligibility, income stability and credit score.

ICICI Bank Personal Loan Offers and Features

ICICI Bank has a personal loan credit policy to cater to all segment of salaried or self-employed customers, it can fund a personal loan to someone who is working with a top corporate of the country to someone working in a mid-size local corporate or government sector or Indian defence services. ICICI Bank has a personal loan to offer one and all with a regular source of income, ability to repay and intention to repay the loan.

ICICI Bank offers only fixed rate of interest for personal loan and interest is charged on monthly reducing basis. The rate of interest offered to a customer depends on the employment type of the customer, a salaried individual may get a better rate of interest than a self-employed business owner or a practicing professional

Special Interest Rate for ICICI Bank account holders : ICICI Bank is offering special interest rate offer for personal loan to its existing customers having salary account/saving account/ current account with them.

Processing Fees for Self Employed Business Owners and professional : it is in the range of 1% to 2.50% plus GST as applicable.

Customer Type

Processing Fee range (GST as applicable)

Salaried customers

Rs. 999/- to 2.5% of the loan amount + GST

Self-Employed customers

1% to 2.5% of the loan amount + GST

Self-Employed business owners

1% to 2.50% of the loan amount + GST

Pre-Approved Personal Loan from ICICI Bank

ICICI Bank offers pre-approved personal loan to its selective existing customers. If you are an existing customer of ICICI Bank and having either a Saving/Current account or Credit Card or currently having a loan -personal loans, home loans, loan against property or others, you can check the same with the bank and if you are one of the selective customer than you can avail a pre-approved personal loan from ICICI Bank. Pre-approved personal loan from ICICI comes with zero documentations without any security or collateral and can be disbursed within seconds to minutes.
If you have an existing relationship with ICICI Bank and would like to know more about pre-approved loan or want to find out if you are a selective customer of bank- please contact IServefinancial for a quick approval and disbursal.

ICICI Bank Personal loan EMI A personal loan availed from ICICI Bank is repaid through monthly equated instalments (EMI) number of EMI you pay is equal to the tenure of your loan in months. The EMI calculation depends on Personal loan amount you take, the rate of interest for the loan and the tenure/term of the loan.

Lowest EMI offered by ICICI Bank personal loan is Rs. 2189/-

Date of ICICI personal loan EMI is 4th or 7th of every calendar month post disbursal of the loan

Mode of repayment of the loan: EMIs can be paid using one of the following repayment instruments

Standing instruction (SI)- if you have an ICICI bank account you can repay the loan by giving an SI to your account

ECS Mandate- if you have an account with any other bank, no worry’ you can repay the loan by authorising ICICI bank to debit your bank account by every month on EMI date. Using an ECS (Electronic Clearing System) mandate to your existing bank.

Post Dated Cheque(PDCs)- you can give PDCs for entire tenure of the loan

National Payments Corporation of India (NACH) mandate- by giving a NACH mandate to the bank

Personal Loan Pre-Part Payment Charges/ Foreclosure Charges
ICICI Bank does not allow you to pre-pay a personal loan till 6 month or 6 EMIs are paid, you are allowed to pre-pay post that by paying a penalty charge of 5 percent per annum of principal loan outstanding amount plus service tax (as applicable). One of the reason for not allowing you to pre-pay a personal loan within 6 months is that it takes minimum 6 months to cover the initial cost bank incurs to process, sanction and disburse your personal loan.

Repayment tenure of ICICI Bank Personal Loan Repayment tenure for an ICICI Bank personal loan is between 12 to 60 months or 1 to 5 years.

ICICI Bank Personal Loan Eligibility

Criteria for Salaried Individuals

Age : Minimum age required to apply for an ICICI Bank personal loan is 23 years and maximum age should not exceed 58 years before maturity of the loan.

Income Criteria required to apply for ICICI Bank personal loan : minimum net month income required is Rs. 25, 000 for loan applicants residing in Mumbai and Delhi. If you reside in Chennai, Hyderabad, Bangalore, Pune or Kolkata, then you should have a minimum net monthly income of Rs. 20, 000/-. If you reside in any other city and not above mentioned cities then, Rs. 17, 500/- should be your minimum net monthly income.

Working Experience : you should have a minimum working experience of 2 years.

Residence Type : ICICI Bank prefers if you have own or a parent owned residence.

Criteria for Self-Employed Business Owners & Professionals

Age Minimum & Maximum : minimum age required for a self-employed individual is 28 years and for a professional its 25 years at the time of applying for the loan.

Income Criteria : Minimum annual turn-over required for a self-employed business owner is 40.00 Lakhs and for professionals its 15.00 Lakhs per annum. Minimum net profit after tax should be Rs. 2 Lakhs for Proprietorship Firm/Self-employed Individuals and Rs. 1 Lakh for professionals as per audited financials.

Business Stability: If you are a not a professional, then you should be in the current business for at least 5 years. If you are a doctor or CA, CS , then you should be practicing for minimum 3 years.

Existing Relationship with ICICI : Minimum 1 year liability relationship in any of the products of ICICI Bank.

Residence Type : ICICI Bank prefers lending you if you have a own property in the city you live.

ICICI Bank Personal Loan Eligibility Calculator

Before applying for a ICICI Bank personal loan, iServe facilitate you to quickly check your personal loan eligibility with ICICI Bank. Please enter your basic details below and quickly know your loan eligibility! Once completed, iServe can help you find the best offer for your requirements and assist you during the application process. To check your personal loan eligibility you have to provide your basic personal and income details as follows:

First & Last Name- as per the PAN card

Date of Birth- as per the PAN card

The current city you live- as per the KYC documents

Mobile No- valid mobile no

Email id- valid email id

Relationship with ICICI Bank (if Any)- like having a loan, saving a/c, current a/c or a credit card etc.

ICICI Bank Personal Loan EMI Calculator

Calculating EMI manually can be a tough task with a complicated formula. From the loan amount to the tenure of the loan, the interest rates each play a very important role in deciding the EMI a borrower will pay for the personal loan taken from ICICI Bank. IServefinancial facilitate you to calculate ICICI Bank Personal loan EMI by providing basic details like loan amount required, tenure and rate of interest.

Cover for loan liability : This is a unique benefit offered by ICICI Bank all personal loan applicants can now ensure their loan liability in all safe insurance provided at no extra cost.

Minimum Documentation : ICICI Bank Personal loans are made available to the borrowers with minimum documentation and with quick disbursement.

Instant E-approval : ICICI Bank offers its users the advantage of applying for a personal loan online sitting at home of office directly. The bank sends an instant approval to all the successful loan applicants in real time.

Documents Required to Apply for ICICI Bank Personal Loan

Documents Required

Salaried Individual

Self-Employed Business Owner

Self-Employed Professionals

KYC

PAN Card, Voter ID, Aadhaar Card

PAN Card, Voter ID, Aadhaar Card

PAN Card, Voter ID, Aadhaar Card

Shop Act

Shop Act

Income & Financial Documents

Salary slips- latest 3 months

ITR & computation of Income- latest 3 year

ITR & computation of Income- latest 3 year

Balance sheet(audit report if applicable ) - latest 3 year

Balance sheet(audit report if applicable ) - latest 3 year

Bank Statements

6 months Banking

1 year Banking

1 year Banking

Loan Details

Existing Loan Details

Existing Loan Details

Existing Loan Details

Photograph

1 each

1 each

1 each

Application Forms

duly signed & filled Application form

duly signed & filled application form

duly signed & filled application form

Personal Loan for Fresher’s from ICICI Bank : ICICI Bank has a special product for Fresher’s just started working either in MNCs or Indian private sector or governments sector enterprises. Generally other financers never fund where loan applicant is having less than 2 years of working experience, whereas ICICI Banks’s has designed the product specially for fresher’s. Fresher’s with less than 2 years of working experience can apply for a personal loan under this scheme and can take a quick loan for an amount of up to Rs. 1, 50, 000/-. This scheme can be very useful for an individual who may be relocating to a new city with the first job after completing his/her education, for a starter or fresher a personal loan under this scheme can help him/her to settle in the new city. There’s no end use binding for the funds raised under personal loan for fresher scheme.

ICICI Bank Personal Loan for Vacations : If you want to vacation and travel the world, your bank account shouldn’t stop you. Enter, personal loans. You can go anywhere and everywhere, travel the world, and experience new things. It’s that simple. Get a personal loan at the lowest rate and use it for your expenditures. Also, if you are planning to holiday, there is no reason to do so on a shoestring budget. Travel big, live big. A personal loan is an easy way to finance a vacation, honeymoon, adventurous holiday, and more. Funding a holiday just got easier, thanks to personal loans.

ICICI Bank Personal Loan for Wedding : Weddings are the joyous occasions, where you want to pull out all the stops. Be it your child’s wedding, or your own, organizing the dream event is a breeze with personal loans. Taking a personal loan for a wedding is helpful if you don’t have an amount set aside for this purpose. You can even opt for a marriage loan if you have your entire budget saved for this very reason but need a small amount to pay for a particular service or item. When taking a marriage personal loan, you don’t need to provide any collateral or a guarantor. It is an unsecured loan that can be taken without providing any security.

ICICI Bank Personal Loan House Renovation : your home is a big undertaking that can take a long time. In this period, several unexpected yet necessary expenditures might arise. Hence, it is important to keep some money aside when taking up such a project. In the off chance that you don’t have some money saved, you can opt for a personal loan for home renovation. This will help you create a masterpiece without compromising. Since, one wouldn’t want to put their renovation work on hold, or leave some part of it incomplete, a personal loan serves an important purpose. Personal loans are disbursed quickly and can be taken during emergencies.

ICICI Bank Personal Loan for Home Interior : After taking a home loan and purchasing a home, you will need to furnish it when you get possession. At this time, having the liquidity to do up the interiors might be a little difficult. This can be fixed easily with a personal loan. A personal loan for home renovation helps ease the burden on the homeowner by providing the requisite funds. In case a homeowner wants to rent out his house, he can take a personal loan to furnish the house and charge higher rent for a furnished house. He can then use the surplus money from the rent to pay off the personal loan. a personal loan for home interiors from ICICI Bank can help in multiple ways.

ICICI Bank Personal Loan for Home Appliances : In life, several equipment is needed to make life less complicated. Many such items that simplify life can end up costing a substantial sum. In such cases, you can opt for a personal loan for home appliances. Personal loans for televisions, computers, laptops, mobiles, washing machines, refrigerators, etc. can help in making life easier. The need of today can be easily met with a personal loan. Purchasing home appliances at the right time can reduce your workload at home, assist your business/ work, and even fuel your down time, which together makes you a more productive, happier person. A personal loan can be taken without a guarantor or any security. It is disbursed quickly, so is useful in emergencies.

ICICI Bank Personal Loan for Higher Education : The right education can help a person achieve greatness and fulfilment in life. In the larger scheme of things, education plays an important role, and the loan taken for a good education is more than worth it. Education loans are needed when pursuing higher studies, as the cumulative expense of tuition, books, lodging, canteen, and daily expenses add up to a substantial amount. Education from premier institutes in India can be expensive at times. Hence, taking an education loan in such circumstances can help the student gain knowledge and the right degree, which will help him realize his dreams and qualify for good jobs.

ICICI Bank Business Instalment Loan

ICICI Bank is offering Unsecured Business Loans to Private Limited Companies, Partnership Firms, Proprietorship Firms and self-employed professionals, closely held unlisted public limited companies, under business instalments loan ICICI Bank offer minimum loan amount of Rs. 2, 00000/- and maximum up to Rs. 40, 00000/- for a tenure of up to 5 years. Business instalment loan is an unsecured loan offered by ICICI without any security, collateral or mortgaging any property or other asset, it is like a personal loan offered only to a business only on the basis of financial statements. Business Instalments loan can take care of emergency requirement of funds in your business, it can be used as working capital, purchasing machinery, increasing stock, purchasing row materials, marketing activity of the business or any other purposes related to the business. Your loan eligibility under business instalments loan depends on your financial statements, the nature of your business or profession.

Features of ICICI Bank Business Instalment Loan

Minimum loan amount Rs. 2, 00000/-

Maximum loan amount Rs. 40, 00000/-

Tenure 12 months to 60 months

No security or collateral required

Competitive Rate of Interest

Loan amount & rate of interest depends on the kind of business you are into

End use of funding- It can be used for office renovation. Purchase of machinery, small infrastructure purchase, short term working capital or others

Advantages of Business Instalments Loans from ICICI Bank

Easy application process

Simple documentation

Collateral free loan

Quick process, sanction and disbursal of loan

Flexible repayment term

Advantages of Business Instalments Loans from ICICI Bank ICICI Bank business loan scheme on Audited financial, offered to all kind of firms or companies wherein the basic criteria for availing the loan is audited financials of the business entity. Under this scheme only those businesses can take a loan from ICICI Bank where the company has audited financial for which a company should have minimum sales/turnover of Rs. 100 Lakhs. Following type of entities can avail a Business Loan on Audited Financials

Proprietorship firms

Partnership firms

Private limited companies

Unlisted limited companies

Minimum loan amount under this scheme is Rs. 2.00Lakhs and maximum loan amount can go up to Rs. 40.00Lakhs.Tenure up to 60 months.

Business Instalment Loan for Doctors

Under ICICI Bank Business instalment loan for doctors only qualified practicing doctors are eligible to take a loan. This loan can be very useful for doctors looking to raise funding for purchase of instruments, property for clinic, renovation of hospital or others.

Chartered Accountants (CAs)- Business Instalment loan from ICICI Bank

If you are a professional like Chartered Accountant(CA), Company Secretory (CS), CWA or CMA with a professional qualification you can avail an unsecured business instalment loan from ICICI Bank only on the basis of your financial statements without offering any collateral security. The funds raised under business instalment loan scheme for CA/CS/CWA/CMA can be used for any emergency requirement of funds in business like – office expansion, office interior, buying a new office, paying of other high cost debt or for personal requirements like medical emergency or an America holiday etc. Features & Benefits of ICICI Bank Business Loan for Architects/CAs/CS

Loan is available for only professionally qualified Architects/CAs/CSs/CWAs/CMAs

Minimum loan amount under the scheme is Rs. 2.00Lakhs

Maximum Loan amount up to Rs. 15.00Lakhs

Loan tenure up to 60 months

Loan only on the basis of audited financial report

No guarantors needed

No property or other type of asset required

Simple documentation

Easy application process

Quick sanction and disbursement of loan

Business Loan from ICICI Bank for Non- Professionals on the Basis of ITR

Under ITR basis unsecured business loan for non- professional scheme, All the non-professionals into any kind of business like trading, manufacturing or service industries of all kind of products can avail a loan. The maximum loan amount under this programme goes up to Rs. 1000000/- for a tenure up to 60 months. Features

Unsecured business loan up to Rs. 10.00 Lakhs

Competitive rate of interest on loan

Tenure up to 60 months

Funding only against CA certified Balance Sheet

Easy loan application process, Faster sanction & disbursal

ICICI Bank Business Loan Based on Existing Banking Relations

If you are currently having a Home Loan or Auto Loan or having a current account with ICICI Bank or any other bank which is more than 12 months old or having a regular monthly rental income, ICICI Bank will offer you a business loan on the basis of the repayment track of the loans and in case of rental, against rent deposits. Loans under the program is unsecured and comes without mortgaging any property. It’s very unequally designed proposition for borrowers where in financial statements of the customers are not assessed for loan eligibility purposes and a business instalments loan is given only on the basis of a loan repayment track or regular rental deposits. Below are the features and benefits of Business Loans for Assessed Income Plans: Features- Existing Home Loan Repayment Based Business Loans

Existing home loan should be sanctioned for minimum Rs. 15.00Lakhs

Loan amount under home loan repayment scheme is up to Rs. 10.00Lakhs

Applicable only for self-employed category of professionals and not for salaried individuals

Tenure of the loan up to 60 months

Loan should be minimum 12-months old

It can be ICICI Bank loan or from any other Bank/NBFC

Features- Existing Auto Loan Repayment Based Business Loans

Existing auto loan should be minimum 12 months’ old

Minimum auto loan amount should be Rs. 4.00 Lakhs

Loan amount up to Rs. 10.00 Lakhs

Tenure up to 60 months

Applicable only for Self-employed customers

Other terms & Conditions of ICICI Bank may apply

Features- Banking Based Business Loans

Minimum 12-months old current account relationship with ICICI Bank or other

Applicable only for Self-employed customers

Loan amount up to 10.00Lakhs

Loan tenure up to 60 months

Other terms & Conditions of ICICI Bank may apply

Features- Rental Income Based Business Loan

The loan is structured on the basis of monthly Rental income deposited on month –month basis

Rental can be from a residential/commercial property owned by Applicant

Net monthly rental should be equal to or more than Rs. 15, 000/-

Loan amount up to Rs. 10.00Lcas

Tenure up to 60 months

Other terms & Conditions of ICICI Bank may apply

Easiest way to apply for an ICICI Bank Personal Loans or Unsecured Business Instalment loans is to apply at iServefinancial.Com. It’s a loan comparison site and offers an unbiased service for loans. It comes to you without any additional cost, all the services of iServefinancial.Com is free of fees/charges.

FAQs ICICI Bank Personal Loan

What is the is the Maximum loan amount I can get from ICICI Bank Personal Loan?
If you are a salaried individual, you can get a personal loan up to Rs. 20.00Lakhs, if Self Employed then up to Rs. 30.00Lcas and if you are a professional doctor you can get a loan up to Rs. 40.00Lakhs.

What is the interest rate on Personal Loan from ICICI Bank?
Lowest rate available from ICICI Bank personal loan is 10.99%

I am having my own business; can I get a personal loan from ICICI Bank? How much amount can I get?
Yes, you can get a personal loan from ICICI, the maximum loan amount you can get is up to Rs. 30.00Lakhs, based on your loan eligibility.

What is the lowest EMI per lakh on ICICI Bank personal loan?
Lowest EMI/Lakhs ICICI Bank is offering currently is Rs.2189 /-

What is the minimum and maximum tenure of ICICI Bank personal loan?
Minimum tenure is 12 months and maximum tenure can go up to 60 months. It also depends on your age as your age should not exceed 58 years at the time of maturity of loan if you are salaried and 65 years if you are self-employed.

How much personal loan amount I can borrow from ICICI Bank?
If you are salaried then you can borrow a loan amount up to Rs. 20.00Lakhs, if you are self-employed then up to Rs. 30.00Lakhs, if doctor than up to Rs. 40.00Lakhs.

How much processing fee is charged by ICICI Bank on personal loan?
ICICI Bank charge a processing fee up to 2.5% of the loan amount plus service tax as applicable.

Is age an eligibility factor to get personal loan from ICICI Bank?
Yes, age is an important eligibility factor to get ICICI Bank personal at the time of application of loan you should be minimum 23 years old if you are salaried, and 25 years if you are self-employed.

Are there any prepayment charges on ICICI Bank personal loan?
Yes, pre-payment charge is up to 4% of the outstanding loan amount.

11. What is the end use of funds taken from ICICI Bank in Personal Loan?
End use of an ICICI personal loan can be one or more of followings:

Personal Loan for medical emergency

Personal loan for marriage of a relative

Personal loan for renovation of house

Personal loan for higher education

What are the factors for ICICI bank personal Loan rate of interest?
When taking a personal loan, ICICI Bank will take into consideration certain criteria to check your capacity to return a loan. The interest rate will also vary accordingly. Mentioned below are the factors taken into consideration:

Your Employer/ Company Category:

The organization that you work for will be classified under as CAT-A, Super CAT-A, Non- CAT-A, Non-Listed or others. ICICI Bank will offer the rate of interest for a personal loan based on the category of the company with which you are employed.

Loan Amount:

The rate of interest offered by ICICI Bank is greatly influenced by the loan amount. The loan amount and interest rate are conversely proportional. The higher the value of your loan amount, lower will be the interest rate you are charged.

Monthly Salary

Your monthly salary helps determine your repayment ability. Hence, your salary bracket will help ICICI Bank determine the rate of interest to be provided for your loan. Just like the loan amount, your salary and interest rate are conversely proportional. The higher your monthly salary, lower will be the interest rate you are charged.

What are the key features and benefits of taking personal loan from ICICI bank?

If you are salaried, you can get a maximum loan amount of Rs.20 Lakhs, which differs based on your income eligibility.

If you are Self-employed business owner, you can get maximum loan amount of Rs. 30.00 Lakhs.

If you are a practicing doctor, you can get a Personal loan from ICICI Bank up to 40 Lakhs.

Special offers are available for employees in Indian companies, MNCs, or those who hold Government jobs.

Special offers are available for those who have a prior relationship with ICICI Bank as account holders or those who have taken other loans from ICICI Bank.

ICICI Bank with its brilliant track record ensures:

Ease of application

Quick processing and disbursement

Complete transparency

What are the key features and benefits of taking personal loan from ICICI bank?

You can take a personal loan between Rs 50,000/- and Rs 20,00,000/-. The loan amount sanctioned by the bank will depend on your credit history, monthly salary, and several such factors.

What is the tenure of an ICICI Bank personal loan?

You can take a personal loan between Rs 50,000/- and Rs 20,00,000/-. The loan amount sanctioned by the bank will depend on your credit history, monthly salary, and several such factors.

What are the charges levied by ICICI Bank when taking a personal loan?

Depending on your location, employer, etc. a processing fee will be levied, which will vary between 2 and 2.25%. In some cases, iServe Financial may offer you some special offers with regard to the processing fee. You can Contact Us to know more.

What is the time frame for approval?

Generally, a personal loan will take 72 hours to get approved. However, iServe provides instant-approval personal loan option to all its patrons.

taking a personal loan from ICICI Bank, do I need a guarantor/ collateral?

You do not require a guarantor or any collateral when taking a personal loan from ICICI Bank.

What are the options to pay the personal loan EMIs?

Your ICICI Bank personal loan can be paid off in the following ways:

You can provide post-dated cheques in favour of ICICI Bank Limited

Bank can also debit it from your ICICI Bank account

In case your account is with another bank, you can opt for ECS (Electronic Clearing Services

Can I foreclose my personal loan?

Foreclosing of the personal loan is possible after 6 instalments have been paid. Pre-payment charges will be applicable based on the conditions set when the loan was taken. Partial pre-payment is not allowed.